Morningstar: An Active ETF With Star Power
April 2026, In the Spotlight
Veteran portfolio manager David Giroux and three seasoned co-portfolio managers use a contrarian approach to manage the Capital Appreciation Equity ETF (TCAF), aiming to build a high-quality portfolio of about 100 U.S. stocks often overlooked by core equity index-based strategies.
In the latest Morningstar analyst report, Jason Kephart explains why he believes TCAF stands out in the competitive large-blend category and why he has strong confidence in the ETF’s “star power.”
Meet the team behind TCAF
Portfolio Manager
Co-Portfolio Manager
Co-Portfolio Manager
Co-Portfolio Manager
Capital Appreciation Equity ETF (TCAF)
Barron's: This T. Rowe Price Fund Manager Works Magic
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Important Information
Past performance cannot guarantee future results.
Consider the investment objectives, risks, and charges and expenses carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information visit troweprice.com. Read it carefully.
Exchange-traded funds (ETFs) are bought and sold at market prices, not net asset value. Investors generally incur the cost of the spread between the prices at which shares are bought and sold. Buying and selling shares may result in brokerage commissions, which will reduce returns.
RISKS
Risk Considerations: All investments are subject to market risk, including the possible loss of principal.
Capital Appreciation Equity ETF: The ETF is subject to the inherent volatility of common stock investing. The fund's value and growth investing styles may become out of favor, which may result in periods of underperformance. The fund is nondiversified, meaning it may invest a greater portion of its assets in a single company and own more of the company’s voting securities than is permissible for a diversified fund. The fund's share price can be expected to fluctuate more than that of a comparable diversified fund.
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